A.P. Pharma Reports Third Quarter 2009 Financial Results
11/16/2009
|
Results of Operations
A.P. Pharma’s net loss for the third quarter 2009 was
Cash, cash equivalents and marketable securities as of
In
“A.P. Pharma continues to have a productive 2009, with the U.S. Food and
Drug Administration’s acceptance of our new drug application for APF530,
a new licensing agreement with Merial for use of our BiochronomerTM
technology, and the recent
“Due in part to our cost containment efforts, we have been successful in
reducing operating expenses by 75% compared to the same period last
year,” Mr. Prentki continued. “With the recent financing, anticipated
cash flows, and continued conservative spending, we believe the
Company’s resources are sufficient to support our operations through the
Recent Developments:
-
Acceptance of the NDA for APF530 for the prevention of
chemotherapy-induced nausea and vomiting (CINV) by the
U.S. Food and Drug Administration (FDA ). Based on the Prescription Drug User Fee Act (PDUFA), theFDA has issued an action date ofMarch 18, 2010 . -
Entered into a licensing and development agreement with
Merial Limited for a long-acting pain management product for use with companion animals. The Company received an upfront payment and will receive on-going development funding and potential future milestones and royalties. -
Completed an equity placement providing initial funding of
approximately
$8.1 million as part of a two tranche financing, which may provide up to$13.1 million in total. -
A.P. Pharma’s common stock listing was transferred from The
Nasdaq Global Market to TheNasdaq Capital Market onOctober 28, 2009 . The Company’s securities will continue to trade onThe Nasdaq Stock Market under the symbol “APPA.”
About APF530
About
A.P. PHARMA, INC. | ||||||||||||||||
Results of Operations Highlights | ||||||||||||||||
(in thousands, except per share data) | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | September 30, | September 30, | |||||||||||||
2009 | 2008 | 2009 | 2008 | |||||||||||||
Contract Revenues | 1,117 | 64 | 1,139 | 348 | ||||||||||||
Operating Expenses: | ||||||||||||||||
Research & Development | 1,418 | 5,069 | 6,376 | 16,747 | ||||||||||||
General & Administrative | 912 | 1,272 | 2,905 | 3,215 | ||||||||||||
Total Operating Expenses | 2,330 | 6,341 | 9,281 | 19,962 | ||||||||||||
Operating Loss | (1,213 | ) | (6,277 | ) | (8,142 | ) | (19,614 | ) | ||||||||
Interest Income (Expense), Net | (1 | ) | 111 | 26 | 547 | |||||||||||
Other Income , Net | - | 1 | 1 | 8 | ||||||||||||
Loss from Continuing Operations | (1,214 | ) | (6,165 | ) | (8,115 | ) | (19,059 | ) | ||||||||
Loss from Discontinued Operations | - | (40 | ) | - | (120 | ) | ||||||||||
Net Loss | ($1,214 | ) | ($6,205 | ) | ($8,115 | ) | ($19,179 | ) | ||||||||
Basic and Diluted Net Loss Per Share: | ||||||||||||||||
Loss from Continuing Operations | ($0.04 | ) | ($0.20 | ) | ($0.26 | ) | ($0.62 | ) | ||||||||
Net Loss | ($0.04 | ) | ($0.20 | ) | ($0.26 | ) | ($0.62 | ) | ||||||||
Shares Used to Compute Basic & Diluted | ||||||||||||||||
Net Loss Per Share | 31,234 | 30,819 | 31,041 | 30,806 |
A.P. PHARMA, INC. | |||||||||
Balance Sheet Highlights | |||||||||
(in thousands) | |||||||||
September 30, 2009 | December 31, 2008 | ||||||||
(Unaudited) | (1) | ||||||||
Assets | |||||||||
Cash, Cash Equivalents and Marketable Securities | $1,608 | $10,538 | |||||||
Accounts Receivable, Net | 486 | 32 | |||||||
Other Current Assets | 219 | 246 | |||||||
Total Current Assets | 2,313 | 10,816 | |||||||
Property and Equipment, Net | 596 | 881 | |||||||
Other Long-Term Assets | 128 | 103 | |||||||
Total Assets | $3,037 | $11,800 | |||||||
Liabilities and Stockholders' Equity | |||||||||
Total Liabilities | $2,555 | $4,202 | |||||||
Stockholders' Equity | 482 | 7,598 | |||||||
Total Liabilities and Stockholders' Equity | $3,037 | $11,800 | |||||||
|
(1) Derived from our audited financial statements for the year ended
Forward-looking Statements
This news release contains "forward-looking statements" as defined by
the Private Securities Litigation Reform Act of 1995. These
forward-looking statements involve risks and uncertainties, including
uncertainties associated with capital resources and liquidity, timely
development and regulatory approval of product candidates, satisfactory
completion of clinical studies, establishment of new corporate
alliances, progress in research and development programs, launch and
acceptance of new products and other risks and uncertainties identified
in the Company's filings with the
Source:
Corporate:
A.P. Pharma, Inc.
John B. Whelan,
650-366-2626
Vice President, Finance and Chief Financial Officer
or
Investor
and Media Relations:
Corporate Communications Alliance, LLC
Edie
DeVine, 209-814-9564